“We appreciate the role Tim has played in the development of AEG, and thank him for the many contributions he has made to the company,” Anschutz said in a statement.

Leiweke has played a crucial role at AEG for years and has been the company’s point person in negotiations with Los Angeles city leaders over luring a professional football team to the city and building a downtown stadium.

Anschutz said Dan Beckerman, AEG’s chief financial officer, will take over Leiweke’s role as president and CEO.

In a statement, Beckerman said the pursuit of a downtown football stadium adjacent to L.A. Live remains a top priority.

“Priority projects going forward include the development of Farmers Field adjacent to our L.A. Live campus and the pursuit of our plan to bring the NFL back to Los Angeles,” Beckerman said.

The Anschutz Co., run by Denver billionaire Philip Anschutz, has called off the sale of its AEG subsidiary, a sports and entertainment conglomerate that owns several sports and entertainment properties including Staples Center and the Los Angeles Kings. The following photos show some of the AEG...

Billionaire Philip Anschutz announced he has decided not to sell AEG, the entertainment giant that controls the Staples Center, LA Live, and the Los Angeles Kings. Here is a roundup of recent AEG stories.

In a rare demand that Fiat Chrysler Automobiles buy back as many as 193,000 flawed vehicles, the top U.S. traffic safety agency signaled a tougher stance on automakers that don't identify and quickly repair defects.